As a seasoned crypto investor with over a decade of experience in this dynamic industry, I find myself intrigued by Bitwise’s latest move towards an XRP ETF. Having witnessed the rollercoaster ride of Bitcoin and Ethereum ETFs, I can’t help but feel a sense of anticipation for what could potentially be the next big step in the crypto world.
On Tuesday, Bitwise Asset Management filed a fresh request for an XRP Exchange-Traded Fund (ETF) on the Department of Corporations’ website. According to the paperwork, the designated agent is CSC Delaware Trust Company.
Confirmation was given by Bitwise that the application is genuine. Meanwhile, Bitcoin ($61,729) has seen a decrease of 3.5% over the past 24 hours, with a market cap of $1.22 trillion and a 24-hour volume of $52.58 billion. Similarly, Ether ($2,481) has experienced a drop of 6.1%, boasting a market cap of $298.60 billion and a 24-hour volume of $26.07 billion. Bitwise is now looking to make the next significant move with XRP ($0.60), which has also seen a decrease of 4.0% in the past 24 hours, having a market cap of $34.06 billion and a 24-hour volume of $3.24 billion. This information is provided amidst the ongoing legal disputes between the US SEC and Ripple, with the regulator expected to file an appeal before October 7.
The statement from Bitwise clarifies that the seemingly legitimate BlackRock XRP ETF application seen on a government site in November 2023 was not genuine. This doesn’t mean, however, that Bitwise will immediately submit an XRP ETF application to the U.S. Securities and Exchange Commission (SEC).
As an analyst, I find myself aligning with Brad Garlinghouse’s perspective that an XRP Exchange-Traded Fund (ETF) is almost certain, given the green light recently granted to Bitcoin and Ether ETFs in the United States. If this ETF comes to fruition, it would offer institutional investors a secure avenue for crypto investments, which could significantly increase the circulation of XRP.
To bring about an XRP Exchange Traded Fund (ETF), it’s crucial that the regulatory standing is made crystal clear. If the Securities and Exchange Commission decides to appeal the court ruling and continues to challenge the classification of XRP as a security, the process may become prolonged.
XRP Price Action Ahead
After this development, the price of XRP hasn’t risen significantly but has actually dropped by 4% due to a broader market adjustment, reaching its significant support level of $0.60. On the other hand, there is strong resistance for XRP at the $0.65 price point.
As a crypto investor, I’m closely watching the movements of XRP, which seems to be nearing a significant resistance point. This has sparked discussions about whether we’re on the brink of a massive breakout or if a correction might occur instead. Some analysts, like EGRAG, are expressing optimism and predicting an impressive 888% increase, potentially driving XRP up to $31. This projection is rooted in price trends that mirror XRP’s 2017 surge, where it climbed from a mere $0.003 to a staggering $3.31, as reported by Coinspeaker.
A possible way to rephrase the given sentence could be: The significant increase in XRP‘s price might be driven by Ripple introducing its own stablecoin, RLUSD. According to recent updates, Ripple has amassed approximately 1.7 million units of RLUSD over the past few weeks following the private beta testing phase on both the XRPL and Ethereum‘s primary network.
The purpose of the stablecoin is to strengthen and foster the development of Ripple’s own XRP Ledger. Recenty, Ripple’s Chief Technology Officer, David Schwartz, disclosed that the RLUSD will initially be available only to institutional investors at its launch. In a Reddit post, Schwartz clarified that individual investors won’t have direct access to the stablecoin upon its release. Instead, they can acquire it through exchanges or other intermediaries.
Read More
Sorry. No data so far.
2024-10-02 11:38